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New Charges and New Arrests in the Satyam Scandal

Bea Edwards, November 26, 2009

New charges filed yesterday by India’s Central Bureau of Investigation (CBI) allege that the accounting fraud at India’s Satyam Computer Services Ltd. took in approximately $1 billion more than Satyam CEO Ramalinga Raju originally admitted. When Raju confessed to India’s largest corporate fraud in January, he admitted that he had invented about $1.5 billion in fake assets. As the scandal has unfolded, however, over the course of the year, it appears that even Raju’s confession is a fabrication.